Retiree sells house, loses RM132,590 in forex scam

TELUK INTAN: A 73-year-old retiree lost RM132,590 in a bogus foreign exchange (forex) investment scheme, with part of the money coming from the sale of his house.

The victim was lured into the scheme by an acquaintance who promised lucrative returns, prompting him to invest money in stages over about two months.

Hilir Perak district police chief assistant commissioner Chua Kok Lian said the victim lodged a police report on Monday after realising that he had likely fallen victim to the scam.

"Preliminary investigations found that the victim began investing in the scheme on July 4 after being introduced to it by the acquaintance.

"Convinced by promises of high returns, the retiree continued investing until the total amount reached RM132,590," he said in a statement today.

However, Chua said the victim became suspicious when he could no longer access the investment system on Sept 14.

"He also failed to receive any profits or a refund of his capital, as promised. Part of the money invested came from the proceeds of the sale of his house," he said.

The case is being investigated under Section 420 of the Penal Code for cheating, which carries a jail term of between one and 10 years, whipping and a fine upon conviction.

Chua said police were conducting further investigations to identify those involved in the alleged scam.

He also advised the public to exercise caution when dealing with investment schemes promising high returns within a short period.

He advised potential investors to verify the legitimacy of investment offers with Bank Negara Malaysia and the Securities Commission Malaysia before parting with their money.

"The public is also reminded not to use retirement savings, proceeds from asset sales or money meant for daily expenses for investments whose legitimacy has not been verified.

"Those who suspect they have been scammed should immediately contact the National Scam Response Centre at 997 and lodge a police report to enable further action," he said.